Fed Chairman Ben Bernanke stressed that the central bank's timetable for pulling back on its $85 billion-a-month bond-buying program hasn't been determined. Mary Beth Fisher, Societe Generale head of U.S. rates strategy, and Jon Hilsenrath join The News Hub. Photo: AP.

This transcript has been automatically generated and may not be 100% accurate.

... in the ... everyone was looking at what the Fed chairman Ben been Anqi was speaking about and he was talking about his plans for the Fed's money printing program but cyclists ... the job situation is far from satisfactory ... the highly accommodative monetary policy will remain appropriate for the foreseeable future ... the arrested persons depend on economic and financial developments they are by no means an increase of four ... that was fast and the Nikkei fetch Eman Elliott tonight ... joining us now we have Mary Beth Fisher had all U S rates strategy from society Generale Cross Street and Wall Street dolls Chief Economics correspondent on Hell's mouth ... thank you both for joining us ... and dad to let some with new album on a key things that you take away from Want John Mackey said ... the couple things one is a it was interesting to me that when you talk about the rest of the economic outlook ... I've that the Fed has been saying those risks had diminished but in this discussion today he talked about ... potential of bigger fiscal drag and the Fed is anticipating ... he pointed to possibly slower growth overseas ... so what looks like they're getting a little on comparable with their forecasts a little one couple with their forecasts ... for stronger growth later this year and summoned to just keep an eye on ... the other thing that I think is really important which I'm writing about I did this afternoon is what they say about ... where the unemployment rate is going and how that'll that affect their ... I've decisions that short-term interest rates a couple years from now ... they're kind of ... getting squirmy about the six nap percent interest rate threshold that they've been putting out the unemployment rate might online rates stay low for a long time even after ... the employment are jobs or six nap percent ... and and and John one of the things that Imam of the men Anqi Sangha was a if if they would increase the short time right now if they were to hike hike the Fed funds rate ... at which time the economy ... get ... down ... to pre strong terms on his part they were tech economy ... that has not expressed great confidence in this recovery that is trying to build ... on can stay with us down on the deficit joining us now thank you very much debuting in use up there ... when you can either mean you you don't have great strategy so you look of a palm ocular time I'm planning to hold a football play maybe some might say and what did you get out of this ... actually we didn't think there is anything new in his testimony there was a was a very consistent message is the message saving getting probably since March from that they're eventually going to start tapering ... aam obviously in May that message became a little stronger ... and he knows it that last FOMC meeting the market pulled its expectations up until September ... we think everything he said today was actually consistent with that ... that they're still to start ... tapering in measured steps in September ... and they're going to see how the economy grows ... but he's also a semi coma me so weak it could not withstand even a nice moment for the increase in short-term interest rates and an end in some ways contrast with ... what ... society generals You is of the economy but you can see forty cents on our feet up three percent growth later this year yes and and with the one now ... so I'm oddly way below and bright probably way below how I'm thinking ... of economic any guesses why like that in my spare time ... I don't see how they get that ... ok aam let me preface this by saying I'm not act honestly too I guess because im trying tenants they've had an outstanding track record ... right is actually on on track to beat forecasts for the year he's been ... he's been forecast for the three of the last four months ... aam and that I was wonder protected ten percent Home price appreciation year every year with we've got great now know ... ALM so I'm not really smart as they are ... but I do believe in their forecasts that Republican unhappy percent growth in the third quarter and fourth and was on pace on because I'm looking business a move that REITs are up on everyone everyone is seeing ever looking for Novissimo different stuff from tuna quarter two for three quarters ... aam and and that's the second would cramp how much you can fly ... housing is vital to the economy would have had a robust economy ... with our housing ever I think ... I'm some kind of ... images I warn you ... aam ... it's in and ... rebuilding process ... on the fact that home price appreciation has not been ten percent year over year begins to bail out ... a lot of people that bails out the consumer's balance ... it produces another negative home equity people have negative equity people have in their homes ... on in allows people to couldn't refinance before your stock and six percent seven percent mortgages to come in refinance at for a half percent that's been ... a huge trend you know for years for a couple of years the Sonata and spend more money a map or can't make us spend the extra ... fat and that's that they read that right that that helps the economy ... since then with a sudden the kid that I can ... I'm in there when they say if we do get three percent in the second half of the year and ... that the economists it's our Jan ... and the economists in the Fed are gonna look brilliant because that's exactly ... the right at the range of what the Fed is forecasting ... will we gotta get it first but ... if we get it that that that will have gotten growth forecasts bright for the first time in several years ... and then will have the conditions when they can start pulling back its bond buying program ... didn't get a wild card in the markets right now is no longer what Rene Kyi says it's with the economy does ... the economy now I've either live up or not live up ... to the forget that the Fed is put out ... and if it lives up to it then they start pulling back later this year ... I'm Mary Beth and ... it's it's love but it is one of its on site but you can read and ... so Pentagon look right but the ... Fed doesn't have a great cycle forecasts meant a little bit optimistic ... um do you think the markets and then you ... sit ... across the road in with the Bumbo among some bond traders ... are they getting amorphous sense of what the Fed will do some less on seven c because I know that the Fed wants wasn't seventeen Tom Wright of what this message is is it easy watching ... I think it is I mean I think Frankie did exactly what you want to do he wanted to come out and talk down ... the long end of the curve ... I think the Fed ... probably didn't like it when rates text to seventy five which was our previous year and forecasts for the tenure track very soon three quarters percentage points for yet the stock and a ... depth of ten ... ALM so he wanted to pop that down time and it's this weekend have a long discussion that term Ping An than the ten year Treasury in a different time ... but ... that's been affected his forward guidance and the Apple Inc's forward guidance has been very effective policy mentor and this is just another example of him trying to do that ... I don't think that change is ... the fact that the Fed is going to start tapering in September ... remember this is not ... a tightening maneuver it simply saying we're going to be a little bit less accommodative next month and we were ... the prior month ... top ten seven of them the punchbowl alleges dislike the top yet to dress up with only the benefit of society general thank